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India Equity Research Reports, IPO and Stock News
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India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Edelweiss Technical Reflection (ETR)
§ The index remained unchanged for yesterday in an extremely narrow range session. It continues to oscillate around 5500 which is a multiple resistance area. Hourly oscillators have rolled bearish indicating a mild corrective or sideways trend for the day. Daily oscillators however are in buy mode. Market breadth continued to remain in favour of the advances; whereas the Nifty 50 stocks A/D turned marginally in favour of declines at 1:1.4. The inability of Nifty to cross convincingly above 5500 (20-DMA) with weakening breadth is a signal of near-term consolidation before it returns to trend. Price and momentum setup signal towards an eventual break of the 5500 resistance and a rally towards the 200-DMA at 5625.
§ Realty stocks were among the biggest gainers yesterday followed by Metals shares. Mild weakness was seen in Healthcare, Auto and Oil & Gas shares. Technology shares are trading with a sideways bias and will continue to remain so. For CNXBANK a close above 11000 will confirm a bullish breakout and in turn result in a Nifty rally.
Bullish Setups:Reliance (RIL), LIC Hsg (LICHF), IVRCL Infra, (IVRC), JPJ Assoc (JPA), IB Real Estate (IBREL), Hind Oil (HOE)
Bearish Setups: Sintex (SINT), BHEL, Sterlite (STLT), Indrapratha Gas (IGL)
§ US indices bucked the short-term sell signal to rally towards fresh highs. DJIA has strong resistance at 12550 (78.6% retracement of 2007-09 bear market). Commodities made a comeback with weakness in USD. Gold is trading above the 20DMA at $1275
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